Japan-based company Marubeni Corporation has proposed to invest more than ₹10,000 crore to set up a “high-tech” industrial park in Karnataka, the state's Large and Medium Industries Minister M B Patil said on Tuesday (18th July 2023).
The Tokyo-headquartered company said the investment will create 40,000 jobs and add two billion (US) dollars to the economy of Karnataka, according to a statement from the minister's office.
The company has identified land of around 720 acres in the Kolar district, news agency PTI reported. Patil on Tuesday (18th July 2023) held a meeting with the delegates of the company, in which it was revealed that Marubeni will invest ₹2,800 crore initially, which will in turn bring ₹10,000 crore in the form of Foreign Direct Investment (FDI).
"They added (that) this (the initial investment) in turn would bring ₹8,000 crore in the form of FDI (foreign direct investment) taking the total investment to over ₹10,000 crore and generating 40,000 jobs.
In all, it would add two billion (US) dollars to the economy of Karnataka, they claimed”, the statement said.
In this light, Patil said, “The government is eager to take the project forward and related decisions would be undertaken.".
Japan's Ministry of Economy, Trade and Industry has already approved the project's feasibility report, the delegation said during the high-level meeting.
The firm has developed industrial parks in China, Thailand, and the Philippines, with similar projects coming up in Indonesia, Myanmar, Vietnam and a few other countries, the stated further stated.
